At 31 December 2021, a business had calculated the draft profit for the year of $\$ 57500$.
It was then discovered that the following adjustments were necessary.
1 Inventory valued at $\$ 2400$ was damaged and now had a resale value of $\$ 1660$.
2 Rent receivable included $\$ 400$ prepaid for 2022.
3 The provision for doubtful debts needed to be increased by $\$ 890$.
What is the correct profit for the year?
$\$ 55470$
2 )
$\$ 56270{\text{ }}$
3 )
$\$ 58050$
4 )
$\$ 58730$
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